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NEW YORK - Color Star Technology Co., Ltd. (NASDAQ:ADD) announced on Wednesday that it will change its corporate name to Zeta Network Group and its stock ticker symbol to "ZNB" while implementing a 25-for-1 reverse share split of its Class A and Class B ordinary shares. The announcement comes as the stock trades near its 52-week low of $0.09, having declined nearly 95% year-to-date according to InvestingPro data.
The company expects these changes to take effect on August 22, 2025, when trading begins on the Nasdaq Capital Market. According to the company, the name and ticker changes reflect its new business strategy focused on cryptocurrency mining operations and future development plans. InvestingPro analysis indicates the company faces significant challenges, with a weak overall financial health score of 1.25 and negative EBITDA of $7.21 million in the last twelve months.
The reverse split will reduce Color Star’s outstanding shares from approximately 14.6 million Class A Ordinary Shares and 12,000 Class B Ordinary Shares to roughly 585,000 Class A Ordinary Shares and 480 Class B Ordinary Shares. All fractional shares will be rounded up to the nearest whole share.
Transhare Corporation will serve as the exchange agent for the reverse share split. The company stated that shareholders holding shares in book entry form will not need to take action and will receive updated statements reflecting their new holdings.
The Class A Ordinary Shares will trade under the new ticker symbol "ZNB" and a new CUSIP number, G2287A134, starting August 22.
Color Star Technology currently operates in online entertainment performances, online music education services, and recently commenced cryptocurrency mining operations in Kazakhstan, according to the press release statement.
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